Wesleyan University is an independent, non-profit, coeducational, non-sectarian institution of higher education located in the City of Middletown. Wesleyan confers only one undergraduate degree, that of Bachelor of Arts, but offers nine programs leading to the Master of Arts degree and six programs leading to the Doctor of Philosophy. In addition, a Master of Arts in Liberal Studies is offered.

The 27 major academic departments are organized on a divisional basis: Division I includes Languages, Literature and the Arts; Division II, Social and Behavioral Sciences; and Division III, Natural Sciences and Mathematics. In addition, Wesleyan has 12 interdisciplinary programs. Within this structure, Wesleyan offers a flexible curriculum which includes extensive individual and group tutorial opportunities.

Total full-time enrollment is approximately 2,700 students, with SAT scores for entering students averaging 1,390. Competition for students accepted at Wesleyan comes primarily from Amherst, Brown, Columbia, Cornell, Dartmouth, Harvard, Stanford, Tufts, University of Pennsylvania and Yale.

Project:  Bond proceeds provided funding for construction of a University Center, and major dormitory renovations and upgrades.

Structure:  $48 million Issue Series F was structured as a variable rate transaction set in a weekly interest rate reset mode.

Closing Date:  September 1, 2005.

Results:  The initial interest rate set was 2.40%, with approximately $5 million of bonds sold to retail buyers and the remainder to institutional investors.

Financing Team:  The Bank of New York: Carmody & Torrance LLP; Hawkins, Delafield & Wood LLP; JP Morgan Chase Bank; Lehman Brothers; P.G. Corbin Group, Inc.; Shipman & Goodwin LLP; Wiggin and Dana LLP.